On April 19, NIO's third brand, Firefly, made its official debut, targeting the compact car segment with an introductory price of RMB 119,800, marking a significant reduction of RMB 29,000 from its pre-sale price. The following day, Li Bin, Chairman and CEO of NIO, addressed the media, emphasizing that despite the price cut, Firefly still retains a healthy gross margin. Li anticipates that Firefly will contribute 10% to the company's overall sales volume in the long run, acknowledging that, as the newest brand in NIO's portfolio, it will take time to reach this milestone.